WHAT DO YOU RECOMMEND? Austin and Emily Patterson, both age 26, have been arried for four years and have no children Austina brensed electrician earning 566,000 per year, and warns $46,000 annually as a middle school teacher A would like to go to half time on his job and return to school on a part-time basis, he is one year short of ishing his bachelor's degree in electrical engineering His education expenses would be about $25.000 for the year which could be partially covered by student loans. He has 0.90 to half is a middle per year, austin sa lion expenses degree in bachelor's de basis horn his job our teacher one year return to not yet discussed his thoughts with Emily Austin and Emily have recently started saving for re- tirement through their employers and have set aside some savings for emergencies. They have substantial credit card debt and are still paying off student loans. The couple rents a two-bedroom apartment. Austin always thought it smart to save all of their receipts, bank statements, and other financial documents. His system for organizing their records is very simple; each month he puts everything in a manila envelope and then puts the envelopes into a box. Austin knows that his educational plans will have financial implications for the couple. He wants to factor these financial issues into his discussion with Emily. To this point, they have never developed financial statements or explicit financial goals. He knows that the two of them must be in sync about money issues or they will be going into the future with few goals and no plans for how to achieve them What do you recommend to Austin for his talk with Emily on the subject of financial planning regarding: 1. Setting financial goals? 2. Determining what they own and owe? 3. Using the information in Austin's newly prepared financial statements to the family's financial situation? hair needs? WHAT DO YOU RECOMMEND NOW? Now that you have read the chapter on financial planning, what do you recom Austin Patterson for his talk with Emily on the subject of financial planning regarding: 1. Setting financial goals? 2. Determining what they own and owe? 3. Using the information in Austin's newly prepared financial statements to summa. rize the family's financial situation? 4. Evaluating their financial progress? 5. Setting up a record-keeping system to better serve their needs? 6. Starting a budgeting process to guide saving and spending